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You work on a large nature preserve full of a variety of habitats,including dry uplands,wooded lowlands,meadows,and many creeks and ponds in the low-lying areas.You are given the task of estimating the population size of a rare species of fern.Knowing that ferns can only grow in soils with high moisture,how might you go about estimating population size?
Marginal Product
Refers to the additional output that is produced by adding one more unit of a specific input, assuming all other inputs are held constant.
Total Product
The total amount of output that a firm produces, usually measured over a certain time period, using all available inputs.
Total Costs
The sum of all expenses a company incurs to produce its goods or services, including fixed and variable costs.
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